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Banks face tremendous pressure to digitize operations, but that journey is often laden with how to handle conflicting challenges around consumer preferences, risk vs. profit, and regulations. While new entrants like FinTechs may seem at an advantage to digitize quickly, speed doesn’t always drive the best outcomes. In fact, established financial institutions potentially have a gold mine of historical and live data – if they only knew how to corral that information for better, faster decisions.
Enter optimization, a critical element of prescriptive analytics, which is helping fuel amazing transformations across the banking customer lifecycle, from originations to marketing and even collections. Traditional obstacles to applying these advanced analytics have fallen away thanks to technological and analytic advances that allows businesses to go-live in as little as a few weeks, with ROI attainable in just a few short months.
This executive brief highlights real-life examples of banks that are often “starting small” with prescriptive analytics – and then deploying them across multiple business and regional landscapes.